Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Equity-Based Compensation

Schedule of recorded compensation expense related to incentive units, stock options, and restricted common stock

During the years ended December 31, 2021 and 2020, the Company recorded compensation expense related to incentive units, stock options and restricted common stock for employees and non-employees, which was allocated as follows in the consolidated statements of operations and comprehensive loss (in thousands):

	Year Ended December 31,
	2021		2020
Research and development expense	$	1,290	$	332
General and administrative expense		3,668		964
Total equity-based compensation expense	$	4,958	$	1,296

Summary of stock option activity

				Weighted
				Average
				Remaining	Aggregate
		Weighted		Contractual	Intrinsic
	Number of	Average		Term	Value
	Stock Options	Exercise Price		(In years)	(In thousands)
Outstanding as of December 31, 2020	810,358	$	5.51	9.52	$	—
Granted	3,786,967		8.93
Exercised	(47,900)		5.90
Cancelled/forfeited	(460,969)		6.22
Outstanding as of December 31, 2021	4,088,456		8.59	9.13	$	30,291
Exercisable as of December 31, 2021	717,562		6.22	8.08	$	7,019
Vested and expected to vest as of December 31, 2021	4,088,456		8.59	9.13	$	30,291

Schedule of assumptions used in determining the fair value of options granted to employees

	Year Ended December 31,
	2021			2020
Risk-free interest rate		0.63 – 1.39	%		0.16 – 0.36	%
Expected dividend yield		0	%		0	%
Expected term (in years)		5.52 – 10.00			2.25 – 6.08
Expected volatility		80.55 – 85.26	%		78.84 – 96.73	%

Schedule of company's restricted stock activity

	Number	Weighted
	of Shares	Average
	of Restricted	Grant Date
	Stock	Fair Value
Unvested as of December 31, 2020	283,969	$	5.51
Vested	(103,192)		5.51
Canceled/Forfeited	(70,202)		5.51
Unvested as of December 31, 2021	110,575		5.51

Summary of the Company's incentive unit activity

		Weighted-average		Weighted-average
	Number of	threshold price		fair value
	units	per unit		per unit
Outstanding at December 31, 2019	571,712	$	0.95	$	1.05
Granted	512,095		1.43		3.61
Forfeited	(2,949)		0.86		0.57
Exchanged for restricted common stock pursuant to the Reorganization	(1,080,858)		1.14		2.28
Outstanding at December 31, 2020	—

Summary of vested incentive units

	Number of
	units
Vested at December 31, 2019	187,773
Vested immediately prior to the Reorganization	118,099
Vested as of the Reorganization	305,872

Schedule of assumptions which estimate the fair value of incentive units

The fair value of the incentive units issued was determined using a Black-Scholes option pricing model with the following assumptions (weighted-average):

	Year Ended
	December 31,
	2020
Grant date price per common unit	$	4.47
Threshold price per incentive unit	$	1.43
Risk-free interest rate		0.74	%
Expected dividend yield		0.00	%
Expected term (years)		6.0
Expected volatility		69.30	%